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Coming Changes in Overtime Pay: What You Need to Know
You might have heard about some changes coming to overtime pay regulations, and we’re here to break it down for you in simple terms. The U.S. Department of Labor’s Wage […]
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Navigating International Markets: Opportunities and Challenges for Your Business
Expanding into international markets can be an exciting venture for any business, offering the promise of new revenue streams and growth opportunities. However, it’s crucial to recognize that along with […]
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Construction Sector Under the Microscope as Payroll Tax Evasion Increases
The Financial Crimes Enforcement Network (FinCEN) has recently reported a noticeable uptick in state and federal payroll tax evasion, as well as workers’ compensation fraud, particularly within the U.S. residential […]
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IRS Ends Most Unannounced Home Visits
As of July 24, 2023, the Internal Revenue Service (IRS) has decided to discontinue the practice of making unannounced visits to taxpayers’ homes and businesses, except in very limited circumstances. […]
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Connecticut’s Enhanced Apprenticeship Tax Credit for Manufacturers
In a bid to reshape Connecticut’s manufacturing sector and fortify its workforce with skilled workers, the Apprenticeship Tax Credit (ATC) was expanded last year to include S corporations, partnerships, and […]
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IRS Announces Relief for Required Minimum Distributions: What You Need to Know
The IRS recently announced some important transition relief for plan administrators, payors, and retirees concerning required minimum distributions (RMDs) under the SECURE 2.0 Act of 2022. Here’s what this means […]
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Working Beyond Retirement Age? Tips for Connecticut Citizens
The idea of retirement is exciting for some, and many people will need, or simply prefer, to continue working beyond retirement age. While some may need the extra income to […]
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AICPA Calls for Clarity on NFT Tax Treatment
Recently, the American Institute of CPAs (AICPA) has contacted the Internal Revenue Service (IRS) with a series of recommendations on how non-fungible tokens (NFTs) should be handled for tax purposes. […]
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New IRS Funding Boosts Enforcement and Taxpayer Assistance
As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to […]
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AICPA Urges Tax Code Simplification as Key Priority
The American Institute of CPAs (AICPA) recently recommended a number of ways to simplify and clarify the current tax code in the upcoming year to the Department of the Treasury […]
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CT Passes Largest Personal Income Tax Cut in History
Connecticut Governor Ned Lamont recently signed a comprehensive two-year state budget bill which includes significant tax changes to provide relief to middle-class households. The bill includes the largest personal income […]
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Impact of IRA Funding Reduction on IRS Operations Expected to be Limited in the Near Term
The recent reduction in funding allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act of 2022 is not anticipated to have significant immediate consequences for the agency’s […]
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